Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PAYNE DAVID L
  2. Issuer Name and Ticker or Trading Symbol
WESTAMERICA BANCORPORATION [WABC]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman, President & CEO
(Last)
(First)
(Middle)
3. Date of Earliest Transaction (Month/Day/Year)
07/30/2007
(Street)

 
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/30/2007   M   2,249 A $ 32.7917 2,249 D  
Common Stock 07/30/2007   S   2,249 D $ 40.95 0 D  
Common Stock 07/30/2007   M   2,736 A $ 32.7917 2,736 D  
Common Stock 07/30/2007   S   2,736 D $ 40.94 0 D  
Common Stock 07/30/2007   M   840 A $ 32.7917 840 D  
Common Stock 07/30/2007   S   840 D $ 40.93 0 D  
Common Stock 07/30/2007   M   440 A $ 32.7917 440 D  
Common Stock 07/30/2007   S   440 D $ 40.92 0 D  
Common Stock 07/30/2007   M   540 A $ 32.7917 540 D  
Common Stock 07/30/2007   S   540 D $ 40.91 0 D  
Common Stock 07/30/2007   M   1,360 A $ 32.7917 1,360 D  
Common Stock 07/30/2007   S   1,360 D $ 40.9 0 D  
Common Stock 07/30/2007   M   2,839 A $ 32.7917 2,839 D  
Common Stock 07/30/2007   S   2,839 D $ 40.89 0 D  
Common Stock 07/30/2007   M   560 A $ 32.7917 560 D  
Common Stock 07/30/2007   S   560 D $ 40.88 0 D  
Common Stock 07/30/2007   M   442 A $ 32.7917 442 D  
Common Stock 07/30/2007   S   442 D $ 40.87 0 D  
Common Stock 07/30/2007   M   164 A $ 32.7917 164 D  
Common Stock 07/30/2007   S   164 D $ 40.86 0 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     2,249 01/21/1999(1) 01/21/2008 Common Stock 2,249 $ 0 114,494 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     2,736 01/21/1999(1) 01/21/2008 Common Stock 2,736 $ 0 111,758 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     840 01/21/1999(1) 01/21/2008 Common Stock 840 $ 0 110,918 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     440 01/21/1999(1) 01/21/2008 Common Stock 440 $ 0 110,478 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     540 01/21/1999(1) 01/21/2008 Common Stock 540 $ 0 109,938 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     1,360 01/21/1999(1) 01/21/2008 Common Stock 1,360 $ 0 108,578 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     2,839 01/21/1999(1) 01/21/2008 Common Stock 2,839 $ 0 105,739 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     560 01/21/1999(1) 01/21/2008 Common Stock 560 $ 0 105,179 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     442 01/21/1999(1) 01/21/2008 Common Stock 442 $ 0 104,737 D  
Non-Qualified Stock Option (right to buy) $ 32.7917 07/30/2007   M     164 01/21/1999(1) 01/21/2008 Common Stock 164 $ 0 104,573 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PAYNE DAVID L

 
  X     Chairman, President & CEO  

Signatures

 /s/ David L. Payne   08/01/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options vest ratably over three years beginning one year from date of grant.
 
Remarks:
This is filing #2 of three filings.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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